Yes I’m familiar with NYC, I’m from there
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I know interest rates are high. So it’s advised not to take out private loans.
I know all of the risks guys. I’m just wondering if Barnard would be worth it.
Only you and your family can decide if it worth it. I can’t think of any financial professional that would advise that much debt for an undergraduate degree - but some families have no issue with that debt load. It is really a personal decision. Since you are from NYC, sounds like maybe living at home is an option and that reduces your costs significantly.
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Worth it in what way? For a family that has to go for two years without a winter vacation in order to afford Barnard-- that’s a decision they need to make. For a family where the breadwinners would need to work an extra few years before retiring-- that’s a decision they need to make. Take out a HELOC on the primary residence, borrow against a paid up whole life insurance policy-- these are all decisions that families have had to make in figuring out how to finance college.
For a family which can afford 30K a year and needs to borrow the rest- yes, that’s a decision to make. But a substantially riskier decision than going without a vacation for a few years…
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That depends in large part of what you hope to get out of transferring?
What is the “issue” with your current college, that you feel you have to transfer out, even if it means financial burdens for yourself and your family?
What is it that you feel you will gain by attending Barnard? There may be many valid, and good reasons, but not all of them will “calculate” equally well, if you try to “cost-justify” it.
Okay I got in. I don’t know what to do now. One spring transfer told me all her transfer friends and her for housing for one year. I calculated, and combining my parental contribution and if I worked vigorously for the next two years, along with living at home for one year, I’ll be 44k in debt instead of 75k. That is only if I am projected to earn as much as I think I will from my jobs in college and IF I even get housing for at least one year. But is this still worth it? Taking the chance to see if I get housing, trying to find jobs to make as much as possible in college, and living my senior year at home with parents?
What do you mean by “worth it,” and what do you hope to gain that is not available at your current college?
Keep in mind that you may not make as much as you think at your college jobs. Housing issues, aid eligibility and private loans etc would all be too unsettling for me.
You will also be paying back $44,000 in loans (possibly more) plus interest, once you graduate. That is something to consider and may impact where you can live or what job you can accept. Do you have a career goal in mind and have you researched salaries?
I want to go into digital marketing, which I know is lucrative, but I’m worried about how much I’ll make out of college, cause it’s not like tech or finance where I’ll be making 6 figures right away.
And if I’m being honest, the main reason I wanted to transfer was for the Columbia connection and being in NYC. I go to a top 5 public university that I’ve grown to kind of like, but feel as if I must honor my childhood dream of attending an Ivy. I also lowkey miss NYC and feel like I’d fit in socially more at Barnard/Columbia.
But if I stay at my current instuition, I’ll be studying abroad for a year, and then also have the option of attending Columbia as a visiting student for one semester. So technically, I’ll only have 1 year left at my current school, which isn’t so bad. I guess I can always consider Columbia for grad school, which my father is more than willing to help finance, as opposed to the extra loans I’d be taking out for Barnard (he doesn’t believe it’s a real Ivy)
Your father will pay $30,000 a year for Barnard but will also help pay for a graduate degree at Columbia because it is a “real Ivy?” Am I understanding this correctly?
I think you have answered your own question. Good that you are thinking through all scenarios and remember college is about the social side too. Not sure how much you can take advantage of all Barnard and Columbia have to offer you with working a lot, commuting and worrying about finances.
Also, Ivy is the name of the sports division - all Barnard athletes are Ivy league athletes. Sorry your father feels differently.
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So he will technically help me with Barnard, but I’d be left with 70k ish extra in loans that he technically can help me pay back, but he doesn’t think it’ll be worth it. My current institution is only 30k a year, which he said he will pay for. And then if I’m 70k ish in debt for a masters, especially at Columbia, then he said he would help me pay for it. He thinks a masters at an Ivy would be a more valuable investment.
You will have $70,000 in loans from Barnard?
Yes…
Your original number was $44,000 which I was struggling with a lot, yet there are people who seem to do it. I would not take on more than the federal student loans that are permitted.
$70,000 is way, way too much, imo. I would stay put, study abroad, and apply to Columbia for grad school. I agree that you answered your own question.
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Well I would be 44k if I got housing for a year, worked a lot, and then lived with parents senior year.
I would be 70k a year if I lived off campus and did not work through college.
Honestly, I think I’ll stay put. All of these finances are stressing me.
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Lastly, if you stay put at your current school and have housing in NYC with your parents - put in the energy to secure summer internships in NYC. IMO that will put you in much better shape upon graduation and starts to build business experience if you decide on an MBA later.
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